Yellow metal loses shine on weak global cues

mmgoldGold futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal on account of diminishing safe-haven demand on surge in equities and the US dollar.

At the MCX, gold futures for April 2017 contract is trading at Rs 28685 per 10 grams, down by 0.57 per cent, after opening at Rs 28751, against a previous close of Rs 28848. It touched the intra-day low of Rs 28626.

 

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*Gold trading range for the day is 28701-28965.

*Gold settled flat as prices pulled back from its highs as the dollar and global equities recovered from recent losses.

*Kansas City Federal Reserve President Esther George said she needs more details on the Trump administration’s fiscal proposals.

*SPDR gold trust holdings dropped by 0.21% i.e. 1.77 tonnes to 833.51 tonnes from 835.28 tonnes.

 

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Cardamom futures flat on muted physical demand

21-Amazing-Health-Benefits-Of-CardamomCardamom futures were flat during morning trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the agri-commodity amid subdued physical demand for cardamom in the domestic spot market.

Further, sufficient supplies on higher physical arrivals from the major cardamom producing regions, influenced the domestic cardamom prices. At the MCX, cardamom futures for April 2017 contract is trading flat at Rs 1381 per kg after opening at Rs 1371.30, against a previous close of Rs 1381. It touched the intra-day low of Rs 1371.30.
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Markets open on a higher note

UBI
The 30-scrip Sensitive Index (Sensex) opened on a higher note during the morning session of the trade on Wednesday.

The Sensex of the BSE after opening at 29,463.01 points, touched a high of 29,494.44 and a low of 29,461.18 points.

On Tuesday, the Sensex closed at 29,409.52 points.The Sensex is trading at 29,481.07 points up by 71.55 points or 0.24 %.

On the other hand, the broader 51-scrip Nifty at National Stock Exchange (NSE) opened at 9,128.70 points after closing at 9,100.80 points.The Nifty is trading at 9,127.45 points in the morning.
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SBI to raise stake in SBI Card to 74% by June-end

SBI-Building-nat2
State Bank of India (SBI) said it will increase its stake in SBI Card to 74 % by June end, reported PTI. “Stake will be increased by first quarter of next financial year.There are few regulatory issue that is being sorted out,” SBI chairperson Arundhati Bhattacharya said at the launch of SBI Card Unnati.

The board of SBI has already given approval for hike of the bank’s stake in its two credit card joint ventures with General Electric Company to 74 %. The bank has approval to infuse Rs 1,160 crore in the two JVs SBI Cards and Payment Services Pvt Ltd (SBICPSL) and GE Capital Business Processes Management Services Ltd (GECBPMSL)– through purchase of equity shares from GE Capital so as to increase the bank’s stake in both the companies to 74 %. Asked about remaining 26 % stake, she said, the decision has to be taken by GE. “Within next one month there should be finality on the remaining stake sale,” it said. The American company seeks to exit SBI Cards. SBI currently holds 60 % stake in SBICPSL and 40 % in GECBPMSL.
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